It’s A Chimp v. Chump Market
Forget the bulls and the bears, this market is for the chimps and the chumps.
After dropping as low as 6,500 points at the beginning of the week, the Dow Jones had two big power rallies on Tuesday and Thursday to reach back up to 7,200.
We call that the “chimp” market, because people are going bananas in the boardroom.
The “chump” market begins when folks finally figure out this was a brief burst based on Citigroup and JP Morgan Chase, who aren’t exactly the two most trustworthy names in the business right now.
Citi has finally started making money this quarter, eh?
Hmmmph … billions of government bailouts must make that pretty easy.
Anyway, lots of folks are participating in polls and saying that the American economy is finally turning the corner.
We think those people are crazy, but you’re invited to participate in a poll like that below …
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Comments
By Pat Hendrix on March 14th, 2009 at 1:08 pm
Again, sorry to point out the obvious, but we are starting to see daylight. The fed is basically letting the banks borrow at zero and they are making money on the spread alone. They can’t lose. The danger is inflation in a year or two.
Then when this mess is sorted out and the economy is back on solid footing, we can look forward to hearing you call it the “Bush Recovery.”
By silent doright on March 14th, 2009 at 5:16 pm
I have no idea if the market is coming around the corner, but I do know that the pork express will be here soon.